88 Energy (ASX: 88E) advances Hickory-1 well flow test planning

September 21, 2023 11:05 AM AEST | By Sonal Goyal

88 Energy (ASX: 88E) advances Hickory-1 well flow test planning — Image source: Company website

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Highlights

Upper SFS mapping across Project Pheonix has revealed that the reservoir zone is more extensive than previously considered.

The company has completed stimulation and flow test modelling for each target interval in Hickory-1.

Flow test planning and permitting are advancing as per plan, with operations expected to start in the first quarter of 2024.

88 Energy Limited (ASX:88E) has completed Upper Slope Fan System (Upper SFS) mapping across its Project Pheonix acreage. Log correlation and seismic interpretation indicated that the Upper SFS reservoir is more extensive to what was originally mapped. The reservoir correlates more than 7 km to strong shows in the Icewine-1 well.

It is to be noted that resources in this zone have not yet been estimated and are additional to the pre-drill estimates. Hickory-1 flow test campaign aims to assess 647 million barrels of oil resources.

The company informed that industry leading simulation models for each of the target intervals in Hickory-1 have been built to conduct flow test and stimulation in each zone.

For the Hickory-1 well flow test, procurement of long-lead items is underway, and All American Oilfield’s Rig 111 has been secured.

88E shares traded at AU$0.006 apiece at the time of writing on 21 September 2023.

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